Since I’ve been here in Beijing for the past four years, I’ve seen a countless amount of development in Beijing’s real estate market. Some of the biggest areas in Beijing for development are in Wangfujing, Central Business District (CBD), Wangjing, Liangmaqiao, Taiyanggong, Sanlitun, etc. It absolutely blows my mind how much development actually takes place in this bustling city.
When real estate prices explode in various areas of Beijing, the amount of new high-rises greatly increase. In the Dongzhimen and Sanlitun area of Beijing, i’ve seen three new luxury residential complexes go up within two years. The prices of these highly demanded units cost about CNY50,000-60,000 a square meter. I’ve also seen high new commercial shopping malls pop-up in that area as well. Yesterday, I counted about eight new shopping malls within a 3 KM area. It seems that many people predict China to have a huge consumer market very soon, but whenever I go inside these malls there seems to be no one shopping. I wonder if shopping malls in Beijing are actually making significant sales.
I’m not too sure what to expect in the coming years, but I can definitely say that there is no doubt that Chinese want a piece of the pie that seems to never stop growing!
- Christopher Cheung